Data unicorn Redis acquires Israeli startup Speedb to boost platform with data storage engine
“Acquiring Speedb takes Redis beyond RAM, and opens the door for us to serve an integral role in powering today’s most exciting and innovative applications,” said Rowan Trollope, CEO of Redis
Israeli-founded data platform Redis has acquired Israeli startup Speedb, which develops a data storage engine. Redis plans to leverage Speedb to enhance real-time data processing and power low-latency user experiences.
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The acquisition of Speedb will enable Redis to expand beyond DRAM and deliver an offering centered on speed and scale. Taking advantage of the advancements in SSD storage and transfer rates that Speedb leverages, Redis will serve the full spectrum of performance and cost requirements for enterprise applications where DRAM is not required.
"Modern app development and most recently Generative AI are fundamentally changing how enterprises value and use their data, and as a result, the demands on developers and data platforms are intensifying. Whether it's regarding development cycles or user experiences, a lot of this pressure revolves around speed,” said Rowan Trollope, CEO of Redis. “Acquiring Speedb takes Redis beyond RAM, and opens the door for us to serve an integral role in powering today’s most exciting and innovative applications, and supporting the developers that build them. This is a new chapter for Redis, and we’re looking forward to working with our customers and partners to bring the unmatched speed we’re known for to more of their applications and experiences.”
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The acquisition comes after several years of collaboration between the companies, with Speedb being integrated as the default storage engine in the enterprise auto-tiering functionality launched in Redis 7.2.
Speedb was founded in 2020 by Avi Gelvan (CEO), Hilik Yochai (Chief Science Officer), and Mike Dorfman (Chief Architect).
“Over the past two years, we’ve worked hand-in-hand with the Redis team to build integrated solutions that support development teams in optimizing both application performance and cost,” said Adi Gelvan, co-founder and CEO of Speedb. “As we join the Redis team, we’re excited to scale our technology to thousands of organizations across the globe, and play a critical role in powering the emerging applications that will shape the future.”
Redis was mulling over going public in 2022 before the downturn in the market. The company was valued at $2 billion when it completed a $110 million Series G round in April of 2021 and was reportedly targeting to more than double that valuation in the IPO.
Tiger Global led the Series G, which also included participation of another new investor in Softbank’s Vision Fund 2, as well as from existing investor TCV. Additionally, Tiger, SoftBank, and TCV acquired shares as part of a $200 million secondary transaction. Redis raised $100 million eight months earlier in August 2020 at a valuation of $1 billion.
